TransUnion is a credit reporting agency based in Chicago, Illinois that is the 3rd biggest agency in the United States; the other two being Experian and Equifax. TransUnion has some similarities and differences with these other credit bureaus. The similarities are that TransUnion gathers credit information on consumers that are submitted to them by banks, lenders, and other creditors. The difference, however, is that TransUnion caters to consumers more than businesses. Even though TransUnion sells credit reports to authorized third-parties, a lot of the marketing for their services is directed at the consumers themselves.
Aside from just providing a credit report with a credit score, TransUnion also gives consumers access to tools that can help them locate the best deals on mortgages, credit cards, and even deposit accounts. Included in these tools is a credit monitoring system that not only monitors changes to a consumer’s TransUnion credit information, but also changes to their Equifax and Experian credit information as well. Any consumer looking to rebuild their credit and find the best deals for taking on debt will want to sign up with TransUnion. They do business with roughly 45,000 companies and around 500 million individuals throughout the world in a total of 33 nations.
What Information is On My TransUnion Credit Report?
All the credit activity that you’ve had within the last 7 to 10 years will be on your TransUnion credit report. You will see each credit account that you have opened within that timeframe listed and the name of the company who issued you the loan on the account. Loan terms for the account will be there too such as the loan amount, credit limit, duration of the loan and so on. It will then show your payment history on the account and whether the account has been satisfied or not. Anything related to lawsuits, foreclosures, and bankruptcies will be on the report too.
The TransUnion credit score ranges from 300 to 850, just like the Experian score. All the payments that you’ve made on your credit accounts in the past will affect your TransUnion credit score by 35%. The amount of debt that you still owe on these accounts affects the store by 30%. The number of different credit accounts you’ve had throughout your credit history makes up 15% of your score and the account types make up 10% of it. Once all your credit information has been factored into these percentages, you are given a final credit score. And just like with the other two credit agency scores, a higher score is good and a lower score is bad.
Out of all the negative information that could appear on your credit report, your previous history of making payments to your credit accounts will be factored in the most when calculating your credit score. So, if you have a history of making late payments or defaulting on accounts, then expect your TransUnion score to be closer to 300 than 850. On the flip side, if you’ve always been on time with your payments and have not missed any of them, then you may very well have a score well into the 800s.
How Long Does Information Stay on My TransUnion Credit Report?
The length of time that information stays on your TransUnion credit report is almost the same between negative information and positive information. All information related to satisfied credit accounts with a history of making payments on time will be available on your credit report for around 10 years. This is 10 years from when the credit account was actually closed. If you’re still making payments on that account, then the information will stay on your credit report until the account is satisfied and then 10 years have gone by after that. Negative information will generally stay on for only 7 years. The only exception to this is bankruptcies filed in court, which stay on your report for 10 years.
Whether you file a dispute or not, TransUnion lets you attach a personal statement to your report which allows you to explain the reasoning for any of the negative information that you have on there. Even if the negative information is accurate, you may have had an unforeseen medical problem or accident in your life that made you unable to make some of your payments. If you explain these circumstances in your statement, perhaps future lenders may look past the negative information and decide to give you credit anyway.
How Do I Dispute the Information from My TransUnion Credit Report?
If you think something is not right on your TransUnion credit report after you have received and reviewed your copy of it, then you have the right to file a dispute with TransUnion. From there, they will contact the company which originally gave them the credit information you are dispute along with the dispute information you have provided. If this company can verify the accuracy of your dispute information, then will give TransUnion permission to go ahead and update their credit report on you to reflect the accurate information that you have reported in your dispute.
The fastest way for TransUnion to conduct their investigation is if you file your dispute online. This allows them to easily transfer your dispute form, along with any supporting documentation that you have uploaded, to the third-party company for them to review quickly. Once the results of the investigation are completed, you will receive an email response as to what was decided. You can easily log in to your TransUnion account and check the status of the dispute along the way.
The longest that an investigation would take is 45 days, but the average investigation takes 30 days. However, you should only expect to wait this long if you have mailed or called in your dispute to TransUnion. If you submitted the dispute online, it should take between 1-2 weeks. Anyone unhappy with the results of the dispute can submit a personal statement up to 100 words long and attach it to their TransUnion credit report.